Montana Real Estate Sales by mls18743

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									Real Estate Market



                                                Center for Applied Economic Research




                                                                Housing Statistics
                                                         Billings Association of Realtors
                                                                      2003

                                                                              Cheryl Heath
                                                                              406-657-2217
                                                                         caheath@msubillings.edu

                     MSU-Billings Center for Applied Economic Research             1               4/13/2011
Real Estate Market


                                                              US Census Homeownership Rates

                                               75%



                                               70%



                                               65%                                                    1999
                          Own %                                                                       2000
                                                                                                      2001
                                               60%                                                    2002
                                                                                                      2003

                                               55%



                                               50%
                                                             US          CA   ID       MT   ND   WY
                     MSU-Billings Center for Applied Economic Research             2                         4/13/2011
Real Estate Market


                                                                                               BAR – Sales Volume
                                           2500
                                                                                                                   2,299

                                           2000
                                                                                                       1,752

                                           1500                                                                            2000
                                # of                                                                                       2001
                               Sales                                                                                       2002
                                           1000                                                                            2003


                                            500
                                                                   223             235

                                               0
                                                          Condo           Res w/ land            SFR           TOTAL




                                                          Condo also includes townhouse and patio homes



                     MSU-Billings Center for Applied Economic Research                  3                                     4/13/2011
Real Estate Market


                                                                             BAR – Average Sales Price
                                              $250,000

                                                                                               $198,000
                                              $200,000

                                                                                                          $142,000   2000
                                              $150,000
                                                                                                                     2001
                               Price                                       $114,000
                                                                                                                     2002
                                              $100,000                                                               2003


                                                $50,000


                                                          $0
                                                                         Condo            Res w/ land     SFR


                                                      Condo also includes townhouse and patio homes

                     MSU-Billings Center for Applied Economic Research                4                                 4/13/2011
Real Estate Market


                                                                    BAR – Average & Median Price
                                                  220000
                                                                                                            Average
                                                  200000

                                                  180000
                                                                                                            Median
                                                  160000
                                                                 Res w/ land
                                                                                                            Average
                                    Price         140000
                                                                                                              Median
                                                  120000
                                                                                                               Average
                                                                SFR                                            Median
                                                  100000
                                                                Condo
                                                    80000

                                                    60000
                                                                     2000        2001           2002        2003



                                                            Condo also includes townhouse and patio homes




                     MSU-Billings Center for Applied Economic Research                  5                                4/13/2011
Real Estate Market


                                           BAR – 2003 SFR Sales Volume by Area

                     SFR - Existing                            28%            28%             15%



                            SFR - New                           32%          15%             35%



                          SFR - Total                          28%            27%             17%


                                                 0%               20%       40%            60%             80%     100%
                         NW - 7         West - 8          Heights - 1    Bench - 2       South/Creek-4/5     Downtown-6   Lockwood-3




                     MSU-Billings Center for Applied Economic Research               6                                        4/13/2011
Real Estate Market


                                                                            BAR – SFR Average Sales Price
                        $210,000
                        $190,000
                        $170,000
                        $150,000                                                                                                                                    2000
                        $130,000
                        $110,000                                                                                                                                    2001
                         $90,000                                                                                                                                    2002
                         $70,000                                                                                                                                    2003
                         $50,000
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                     MSU-Billings Center for Applied Economic Research                             7                                                                4/13/2011
Real Estate Market


                                                   BAR – 2003 SFR Average Sales Price
                                           $300,000
                                                               On average, new homes cost 30% more.
                                                          In Northwest Billings, new homes cost 50% more.
                                           $250,000


                                           $200,000


                                           $150,000


                                           $100,000                                                                                                        Existing
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                                             $50,000


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                     MSU-Billings Center for Applied Economic Research                                  8                                                             4/13/2011
Real Estate Market


                                                                         BAR – 2003 Other Statistics

                        Average time on market:              94 days
                        Average of list price to sold price: 98%
                        Sales volume by number of bedrooms:
                                   0-1                 33 homes sold
                                   2                  483
                                   3                  868
                                   4                  644
                                   5                  234
                                   6+                  37
                     MSU-Billings Center for Applied Economic Research       9                   4/13/2011
Real Estate Market


                                                                         BAR – 2003 Sales Volume
                                      Area 7                                    $94,283,099
                                      Area 8                                    $66,905,800
                                      Area 1                                    $46,568,399
                                      Other areas                               $36,522,278
                                      Area 9                                    $20,515,825
                                      Area 2                                    $17,469,854
                                      Area 6                                    $13,658,852
                                      Area 3                                    $11,757,331
                                      Area 5                                    $10,977,449
                                      Area 4                                     $8,435,837
                                      Total Areas 1-20                         $327,094,724

                     MSU-Billings Center for Applied Economic Research    10                  4/13/2011

								
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